<abstract xmlns="http://www.w3.org/1999/xhtml">The Global Competitiveness Index (GCI) developed by Xavier Salai-Martín, in collaboration with the World Economic Forum, has been measuring the factors that drive the growth and prosperity since 2005. This paper focuses on grouping the European nations according to global competitiveness. It uses the hierarchical and K-means cluster with a particular focus to examine the grouping of countries from 2008 to 2017 and to reduce the complexity in examining the relationship between European countries. The drivers of competitiveness are grouped into 12 critical pillars, namely, institutions, macroeconomic environment, infrastructure, higher education and training, health and primary education, goods market efficiency, financial market development, labor market efficiency, technological readiness, market size, business sophistication, and innovation respectively. The mean score of Europe during the study period was 4.7 and 40% of the European countries were found to be above the average and have been consistently performing well ahead of the average on competitiveness. This study can be generalized to other nations as well as compared with other indexes for exhaustive research that can be useful for policymakers.</abstract>

A Cluster Analysis on Sustained Global Competitiveness for European Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">In this paper we have worked on a number of documents and articles published to find a relationship between patents and the economic growth of countries. We have found that patents and their applications are important for economic growth. The patent is not always a global indicator of all the technological knowledge produced, since a considerable number of technological know-how remains in the form of business secrets or sometimes the technology is published in scientific articles.The patent can be an economic policy instrument to encourage investment in research and development. More patents lead to more innovations and vice versa. The patent is a vector of economic growth through the promotion of innovation.</abstract>

Roles of Patents in Economic Development and Integration

<abstract xmlns="http://www.w3.org/1999/xhtml">Aim/Purpose: The purpose of this study is to investigate Productivity Bias Hypothesis (PBH) in Nigeria using parallel (black) market exchange rate.Design/Methodology/Approach: The study focused on Naira-Dollar (N/$) parallel market exchange rate. Quarterly data from 1995 to 2018 were used. Data on domestic productivity and parallel market exchange rate were sourced from Central Bank of Nigeria (CBN) statistical bulletin, 2018 edition. US productivity data was sourced from Federal Reserve Economic Data. Autoregressive Distributed Lag (ARDL) was used as the estimation technique.Findings: The result reveals that parallel (black) market exchange rate support the presence of productivity bias hypothesis in Nigeria. Furthermore, the purchasing power parity hypothesis was rejected using the conventional unit root test. This implies that using official exchange rate, the study rejects the productivity bias hypothesis.Research Implications/Limitations: The implication of the study is that exchange rate in Nigeria should be determined freely in the foreign exchange market.Originality/Value/Contribution: Previous studies have used official exchange rate to test the validity of the productivity bias hypothesis, and the results can be basically described as mixed. Hence, this study differs from extant studies as it examined productivity bias hypothesis using parallel market exchange rate.</abstract>

Productivity Bias Hypothesis: New Evidence from Parallel Market Exchange Rate

<abstract xmlns="http://www.w3.org/1999/xhtml">In the recent theory of economic growth, there are multiple explanations for the “downward trend of economic growth”, which is already happening during the past decade in developed and emerging markets. Almost all economists have avoided researching the “hypothesis of a world without growth”, dealing with Krugman’s rhetoric of “secular stagnation is probable” or thinking about Koehn’s rhetoric get rid of dependence on growth”. The cult of growth is embedded in the economic, political and social heads so deeply that for each of them growth is an imperative of life and death. By reviewing certain literature and papers, we can draw a conclusion about trends in the world economy, the dominant macroeconomic mainstream and reconsider and we can a critically resist the role of “rule taker” in the economic policy of post-transition countries in the past ten years. This paper does not investigate or establish a research gap, and does not offer a solutions to current problems that may arise from comparative analyzes, but give a qualitative assessment of the neoliberal tone of global economic policy, note the controversies of economic growth and financial stability and reinterprets earlier doctrinal conflicts in the global economy, which can give perspective possible solutions or policies for post-transition countries today. The key goal of this paper is to give rise to future research.</abstract>

Meta Analyses and Controversy About Financialization, Growth and Stability: A look from post-transition countries of last decade

<abstract xmlns="http://www.w3.org/1999/xhtml">Changes in banking sectors with the onset of the global financial crisis were related to: globalization, sector deregulation, technological change and financial innovation. Structural changes within banking services (at the end of the 20th century) relate to: the consolidation of banks, the merging of banking and non-banking financial institutions and their competition with one another. Significant place in the part of sustainable development belongs to bank performance, vision and mission of banks. The corporate vision of banks should be the “framework” for the future development of a bank. The corporate mission should be a “roadmap” to the realization of the bank’s vision and an expression of the business philosophy of the bank in question.It is of particular importance for the banking sectors of the CEE countries to define: the vision, the mission, the situational analysis and the planned long-term goals of the bank. With the advent of the global financial crisis, the financial activity of banks in the Central and Southeastern European region decreased, as the number of attractive fusion and acquisition banks in the region concerned was reduced.The aim of the research is to determine the importance of the vision, mission and clearly set goals in banks, where the analysis of banking sectors in 13 countries over a period of 11 years was carried out. The analysis of GDP and its growth in the period from 2008 to 2018 indicates a dynamic growth in the countries of Central Europe and some countries of Southeast Europe. The analysis of the assets of the banking sector and its share in GDP indicates the dominant participation of the countries of Central and Southeastern Europe that are members of the European Union relative to the candidate countries for EU member states. Analysis of the banking sector of the influx countries shows that more than 70% of the banking market in Southeast European countries is influenced by foreign highly developed banking groups. Sustainable development can only be achieved through the active joint action of the banking sectors of the Central and Southeast European countries.</abstract>

Faculty of Business Economics in Bijeljina BiH

University of Business Studies in Banja Luka

Central and South – Eastern Europe Banking Sectors in the Sustainable Development Function

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Purpose:</bold> This paper aims to identify social and environmental issues in value chain of food companies to create shared value. We provided most affecting social and environmental issues on businesses companies value chain; in addition to that we provided some solutions to social and environmental problems based on shared value concept.<bold>Design/methodology/approach:</bold> The authors provide a proposed approach based on the specificity of problems and issues in agricultural and global food companies. The objective is to identify environmental and social issues in food value chain in order to invest in these issues to create shared value.<bold>Findings:</bold> We found that every primary and secondary activity within food value chain is characterized by some social and environmental problems. We analyzed these social and environmental issues in every single activity. In addition to that we provided proposed solutions to these social and environmental issues using shared value concept in every single activity within company value chain.<bold>Research limitations/implications:</bold> This research paper determines social and environmental issues in value chain for food global companies; however, more research is needed to find other social and environmental issues in other sectors.<bold>Practical implications:</bold> This overview may help and give ideas to owners and managers of food companies to rethink their overall value chain by detecting environmental and social issues and used shared value concept to turn these environmental and social issues into a business opportunity.Originality/value: A unique view of value chain analyzed by identifying environmental and social issues using shared value concept.</abstract>

Threats and Opportunities for Global Food Companies: Identifying Social and Environmental Issues in Food Value Chain to Create Shared Value

<abstract xmlns="http://www.w3.org/1999/xhtml">Common agricultural policy (CAP) is a factor of development and cohesion of the European Union (EU) agriculture. The fundamentals of CAP were defined in the 1950s, when the Union was formed. Since then, CAP has been reforming and adapting to new circumstances. Treaty on the Functioning of the European Union defines the goals of CAP: stable (acceptable) prices of agricultural products, growth, productivity and technological progress in agriculture, growth in farmers’ income and supplying the common market. Factor analysis of the prices and production goals of CAP directly or indirectly involves the following variables: prices of agricultural and industrial products, indices of the prices of cereals, meat and milk, indices of the prices of agricultural products in France and Great Britain, agricultural GDP and EU GDP. The analysis results come down to 2 factors. The first – “internal factor” is a set of indicators homogenous in terms of greater impact of CAP on their trends (the prices of agricultural products in France, income from agriculture, the prices of agricultural products in EU and Great Britain and the milk price index). The second - “external factor” is made of general and global indicators (cereals prices, EU GDP and prices in industry). Factor analysis has confirmed high correlation of goals: production growth, productivity and technological progress in agriculture as well as “reasonable” prices in agriculture. The analysis shows high correlation between agricultural and industrial products, indices of the prices of cereals, meat and milk, indices of the prices of agricultural products in France and Great Britain, agriculture GDP and EU GDP (classified into internal and external factors). In general, the results of the factor analysis justify the existence of CAP, while the EU budget support brings wider social benefits.</abstract>

Factor Analysis of Prices and Agricultural Production in the European Union

<abstract xmlns="http://www.w3.org/1999/xhtml">Sustainable tourism implies establishing a positive relationship and link between tourism development and environmental protection, i.e achieving a full harmony between economic and environmental interests. Tourism that is based on respect for ecological interests can ensure the constant maintenance of balance in the natural environment and tourism development. Building a private accommodation association, as one of the aspects of sustainable tourism, ensures the long-term sustainability that is needed for the destination of Budva, due to the large number of problems it encounters, starting from the gray business zone to the very poor quality private accommodation, which is higher than in basic accommodation, which should be the basis of tourism development. In view of the given problem, the subject of research of this paper is the direction in which the receptive factors in the destination of Budva should be developed, with reference to the basic and complementary accommodation units.The aim of the research is to provide a solution for the currently unfavorable receptive situation in the destination, with special focus on diffused and integral models of private accommodation.</abstract>

Development of Receptive Factors on the Principles of Sustainable Tourism Development - Budva Case

<abstract xmlns="http://www.w3.org/1999/xhtml">The subject of this research are the demographic trends and the educational system of the Republic of Srpska. The aim of the research is to define the concepts required to comprehend the demographic trends and to explore their implications for the educational system of the Republic of Srpska. In order to establish sustainable development in the Republic of Srpska, education being a key component therein, it is necessary to perceive its demographic resources in order to create an educational system. By means of empirical research with a presentation of results through factor and cluster analysis, generated quantitative and qualitative indices of demographic resources, particularly in the educational system. The Republic of Srpska as a whole belongs to type D, featuring poor demographic resources and characteristics, as well as prominent demographic disparities regarding spatial development. However, in order to increase the coverage, relevance and efficiency of completion of the education process, it is necessary to determine the strategic commitments to be accomplished together with certain quantitative demographic indicators of the achievement level (educational coverage of different generations). Demographic changes will pose a major challenge for policy makers and to the society in general across the upcoming decades and will require shaping new economic, tax, health, pension, educational, social, family and other policies that affect demographic changes. The research endeavour in this paper focuses on that very aspect, together with the respective applicative capabilities.</abstract>

Demographic Trends and the Educational System of the Republic of Srpska

AHEAD OF PRINT

Volume 12 (2024): Issue 1 (April 2024)

Volume 11 (2023): Issue 2 (December 2023)

Volume 11 (2023): Issue 1 (June 2023)

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Volume 3 (2015): Issue 2 (December 2015)

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ECONOMICS

We are pleased to inform you that ECONOMICS-Innovative and Economics Research Journal has been indexed by ELSEVIER, Scopus since June 2023  The ECONOMICS - Innovative and Economics Research Journal  is indexed in Google Scholar and details on the citations can be found on Google Scholar Citations.  Print ISSN: 2303-5005 E-ISSN 2303-5013  Starting from the fact that most economic progress is based on innovation, ECONOMICS - Innovative and Economics Research Journal has focused on the publication of theoretical, empirical and applicative articles from all areas of economics, which basically contain innovative approaches and solutions, and which are the product of knowledge economy. In this context, it is important to point out that ECONOMICS has changed its name since December 2017, following the recommendations of Scopus evaluators, and since then its name is ECONOMICS - Innovative and Economics Research Journal.  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